Fitch Rates DNP Select Income Fund Shares 'AAA'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned an 'AAA' rating to the following new series
of mandatory redeemable preferred stock (MRPS) issued by DNP Select
Income Fund Inc. (NYSE: DNP), a non-diversified closed-end fund managed
by Duff & Phelps Investment Management Co. (DPIM)

--$132,000,000 of series A MRPS, due 2019;

--$60,000,000 of series B MRPS, due 2021;

--$75,000,000 of series C MRPS, due 2024.

The sale of the privately placed series A, B & C MRPS has closed on Feb.
19, 2014 and net proceeds of approximately $267 million from the
offering will be used to redeem the fund's outstanding remarketed
preferred shares and to reduce the fund's borrowings under its credit
facility.

--The legal and regulatory parameters that govern the fund's operations;

--The capabilities of DPIM as fund adviser.

ASSET COVERAGE

At closing, the fund's pro forma asset coverage ratios, as calculated in
accordance with the Fitch total and net overcollateralization tests
(Fitch OC tests) per the 'AAA' rating guidelines for the MRPS, outlined
in Fitch's closed-end fund criteria, were in excess of 100%. These are
the minimum asset coverage guideline required by the fund's governing
documents, and evaluated as such by Fitch to arrive at the assigned
rating levels.

At closing, the fund's asset coverage ratio for total leverage,
including the MRPS, as calculated in accordance with the Investment
Company Act of 1940, was in excess of 225%. Also at closing, the fund's
asset coverage ratio for total debt, as calculated in accordance with
the Investment Company Act of 1940, was in excess of 300%. These are the
minimum asset coverage ratios required by the 1940 Act and the fund's
governing documents.

STRUCTURAL PROTECTIONS

Should the MRPS asset coverage tests decline below their minimum
threshold amounts (as tested weekly) the fund is required to deliver
notice to the MRPS purchasers within five days of becoming aware of such
fact.

The fund manager is required to cure the breach by altering the
composition of the portfolio toward assets with lower discount factors
(for Fitch OC Tests breaches), or by reducing leverage in a sufficient
amount (for both the Fitch OC Tests and 1940 Act asset coverage test
breaches) within a pre-specified time period (a maximum of 45 business
days).

THE FUND

The fund's objectives are current income and long-term growth of income
with capital appreciation as a secondary objective. The Fund seeks to
achieve its investment objectives by investing primarily in a
diversified portfolio of equity and fixed income securities of companies
in the public utilities industry. The Fund's investment strategies have
been developed to take advantage of the income and growth
characteristics and historical performances of securities of companies
in the public utilities industry. Under normal conditions, more than 65%
of the Fund's total assets will be invested in securities of public
utility companies engaged in the production, transmission or
distribution of electric energy, gas or telephone services.

THE FUND'S ADVISER

DPIM is responsible for the implementation and execution of the
investment strategy on a day-to-day basis. DPIM is an SEC registered and
regulated investment advisor with $9.3 billion in assets under
management as of Sept. 30, 2013. DPIM acts as investment adviser to
three other closed-end investment companies and five open-end investment
companies registered under the 1940 Act.

RATINGS SENSITIVITY

The rating assigned to the preferred shares may be sensitive to material
changes in the leverage composition, portfolio credit quality or market
risk of the fund, as described above. A material adverse deviation from
Fitch guidelines for any key rating driver could cause the rating to be
lowered by Fitch.

For additional information about Fitch rating guidelines applicable to
debt and preferred stock issued by closed-end funds, please review the
criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'.

The sources of information used to assess this rating were the public
domain and DPIM.

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DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
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RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.